Strategies 
Ratio Put Spread 
Component 
Buy 1 put with higher strike price/level and sell 2 put with lower strike price/level
1. Result in net premium received
2. Result in net premium paid 
When there is net premium paid: 
Potential Profit 
 When the stock price/index level is between the upper & lower breakeven point
 Limited to strike price/level difference minus the net premium paid

Maximum Loss 
 When the stock price/index level is below the lower breakeven point, substantial & equals to the lower breakeven point minus stock price/index level
 When the stock price/index level is above the upper breakeven point, limited to the net premium paid

Time Value Impact 
Positive 
Breakeven 
 The lower breakeven point equals to lower strike price/level minus the strike price/level difference plus the net premium paid
 The upper breakeven point equals to the higher strike price/level minus net premium paid

Remarks 
Compared with a Short Straddle, a Ratio Put Spread (with net premium paid) has substantial loss on the downside but limited loss on the upside. 